17吃瓜在线

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Press Releases

Manufacturers Concerned of Recession Threat in 2023

Congress failed to act on essential tax reforms, which complicates investment, increases inflationary pressures, could stifle economic growth

Washington, D.C.The 17吃瓜在线 released its Manufacturers鈥 Outlook Survey for the fourth quarter of 2022. It illustrates manufacturers鈥 concerns around a challenging economic environment characterized by inflation, supply chain disruption and the workforce crisis. It also demonstrates the consequences of Congress鈥檚 continued inaction on key manufacturing priorities. The 17吃瓜在线 conducted the survey from Nov. 29 to Dec. 13, 2022.

鈥淭he majority of manufacturers expect a recession this year. Congress failed to act on essential tax reforms, which complicates investment, increases inflationary pressures and could stifle economic growth,鈥 said 17吃瓜在线 President and CEO Jay Timmons. 鈥淢uch needed permitting reforms and provisions to strengthen our ability to conduct research and development, buy machinery and finance job-creating investments鈥攚hich we need to promote growth within the sector鈥攚ere left on the cutting room floor last year. Those reforms, combined with manufacturers鈥 ongoing efforts to inspire, educate and empower the future workforce, are critical to our competitiveness.鈥

Workforce shortages ranked as the industry’s number one concern, and there were 779,000 open jobs in manufacturing in the most recent data. This is why the 17吃瓜在线 has pressed Congress to address immigration reform鈥攁s both a humanitarian solution and to help the sector grow its talent pool鈥攁nd other solutions outlined in 鈥,鈥 the 17吃瓜在线鈥檚 policy roadmap to bolster manufacturers鈥 competitiveness.

Timmons added, 鈥淲e鈥檙e looking to the new Congress and the administration for leadership and to focus on policies that remove barriers to manufacturing growth in the United States and fend off a severe downturn.鈥

Key Findings:

  • More than 62% of manufacturing leaders believed that the U.S. economy would slip officially into a recession in 2023.
  • More than three-quarters of respondents (75.7%) listed attracting and retaining a quality workforce as a primary business challenge, with supply chain challenges (65.7%) and increased raw material costs (60.7%) the next biggest impediments.
  • Even in a recession, manufacturers plan to do the following: capital spending on new equipment and technological investments (65.3%), upskilling and training of existing workforce (64.1%), seeing solid demand for their company鈥檚 products (63.2%), hiring new employees (55.1%), investing in research and development (52.1%) and spending on new structures and existing facilities (38.6%).
  • More than three-quarters of respondents (75.8%) said pushing back against regulatory overreach should be the top priority of the 118th Congress. Other priorities included supporting increased domestic energy production (69.3%), passing comprehensive immigration reform (65.4%), maintaining and permanently extending tax reform (63.0%), controlling rising health care costs (55.5%), addressing the skills gap facing manufacturers (50.5%) and modernizing permitting to reduce red tape (40.0%).

Due to the consistent economic headwinds, manufacturers鈥 confidence has declined, with 68.9% of respondents having a positive outlook for their company, the lowest since the third quarter of 2020.

Conducted by 17吃瓜在线 Chief Economist Chad Moutray, the Manufacturers鈥 Outlook Survey has surveyed the association鈥檚 membership of 14,000 manufacturers of all sizes on a quarterly basis for the past 25 years to gain insight into their economic outlook, hiring and investment decisions and business concerns.

The 17吃瓜在线 releases these results to the public each quarter. Further information on the survey is available . Click for more on 鈥淐ompeting to Win.鈥

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Press Releases

Manufacturers Need WOTUS Proposal That Provides Permitting Certainty

Manufacturers cannot invest with confidence when the rules keep changing

Washington, D.C. 鈥 Following the release of the Environmental Protection Agency鈥檚 proposed new Waters of the United States rule, 17吃瓜在线 Senior Vice President of Policy and Government Relations Aric Newhouse issued the following statement:

鈥淭he EPA is unnecessarily rewriting critical permitting standards and tossing aside Supreme Court precedent in the process. This moving target frustrates efforts to expand domestic manufacturing and create well-paying jobs. Manufacturers cannot invest with confidence when the rules keep changing.

鈥淢anufacturers need a sensible WOTUS proposal that provides permitting certainty and allows the industry to continue leading on environmental stewardship.鈥

In 2023, the Supreme Court is expected to issue a decision in Sackett v. EPA, a case that will determine the jurisdiction of the Clean Water Act and all regulations within its authority. Previously, the 17吃瓜在线 submitted multiple sets of comments regarding the 2015 WOTUS rule to better inform policymakers. In addition, the 17吃瓜在线 supported the 2017 executive order instructing the EPA to rescind the rule, and the 17吃瓜在线 Legal Center had been in active litigation against the rule starting in 2015. The legal battle included a for the 17吃瓜在线 at the U.S. Supreme Court on a key procedural issue, and in 2019, federal judges invalidated the rule.

-17吃瓜在线-

The 17吃瓜在线 is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.9 million men and women, contributes $2.77 trillion to the U.S. economy annually and accounts for 55% of private-sector research and development. The 17吃瓜在线 is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17吃瓜在线 or to follow us on Twitter and Facebook, please visit www.nam.org.

Press Releases

Congress Fails to Advance Manufacturing Tax Priorities

Bipartisan Provisions Like R&D Incentives Are Critical to Small Manufacturers鈥 Ability to Invest

Washington, D.C. 鈥 The 17吃瓜在线 is calling on lawmakers to immediately address critical tax provisions that were left out of the 2023 Omnibus spending package, highlighting the negative impact to small manufacturers and their workers.

鈥淐ongress鈥 failure to reverse tax policies that make it , buy machinery and has put hundreds of thousands of American jobs and manufacturing competitiveness at risk. Despite overwhelming support for addressing these issues, Congress鈥 inaction will now undercut small manufacturers鈥 ability to invest in their workers, facilities and communities,鈥 said 17吃瓜在线 President and CEO Jay Timmons.

Ketchie President and Owner and Incoming Chair of the 17吃瓜在线 Small and Medium Manufacturers Group Courtney Silver that congressional action on these tax priorities will help prevent small manufacturers from feeling 鈥渟tuck between a rock and a hard place. It鈥檚 very important that we take action on expanding and locking in that pass-through deduction, increasing those incentives around R&D and protecting those provisions around full expensing and interest deductibility,鈥 said Silver.

鈥淎lthough the appropriations package included important manufacturing priorities, including the INFORM Consumers Act, with its protections for consumers against counterfeit goods, and the Electoral Count Reform Act, which supports a clear and secure democratic process, pro-competitiveness tax policy changes would have made a big difference for businesses of all sizes across our industry,鈥 continued Timmons. 鈥淎s the next Congress convenes, we urge lawmakers to prioritize these policies, and we will continue to work with manufacturing champions from both parties to provide tax certainty to the nearly 13 million people who work in manufacturing today.鈥

Read more about how these critical tax priorities impact small manufacturers across the country .

-17吃瓜在线-

The 17吃瓜在线 is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.9 million men and women, contributes $2.77 trillion to the U.S. economy annually and accounts for 55% of private-sector research and development. The 17吃瓜在线 is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17吃瓜在线 or to follow us on Twitter and Facebook, please visit .

Press Releases

Manufacturers: Protecting American Innovation Critical to Fight Current and Future Health Crises

Washington, D.C. 鈥 Following today鈥檚 announcement by the World Trade Organization鈥檚 General Council that member states have agreed to delay a final decision on an expanded intellectual property waiver for COVID-19 products, 17吃瓜在线 President and CEO Jay Timmons released the following statement:

鈥淭he WTO鈥檚 decision to delay the expanded intellectual property waiver is a welcome step toward protecting American innovation and technology leadership. This is vital not only for future pandemic responses, but also for the sector鈥檚 ability to produce new and advanced treatments or fund critical research and development.

鈥淢anufacturers in the U.S. are leading our post-pandemic recovery and investing heavily in the development of cures and therapeutics. An expanded WTO waiver would force manufacturers in America to give away rights unfairly to international competitors and economic rivals like China, disincentivize companies from continuing the cutting-edge research underway, put jobs at risk and harm the sector鈥檚 global competitiveness.

鈥淢anufacturers will continue to work with partners around the world to tackle current and emerging health challenges, while protecting the IP rights of those many companies which have been so essential to an effective pandemic response.鈥

-17吃瓜在线-

The 17吃瓜在线 is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.9 million men and women, contributes $2.77 trillion to the U.S. economy annually and accounts for 55% of private-sector research and development. The 17吃瓜在线 is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17吃瓜在线 or to follow us on Twitter and Facebook, please visit

Press Releases

New Data: Taxing R&D Will Cost U.S. More Than 260,000 Jobs Next Year If Congress Doesn鈥檛 Act

Manufacturers Would Lose 60,000 Jobs and $32 Billion

Washington, D.C. 鈥 The 17吃瓜在线 released new analysis revealing that if the tax code鈥檚 research and development amortization requirement, which went into effect this year, is not reversed immediately, the U.S. economy would lose 263,382 jobs and experience an $82.39 billion hit to GDP in 2023.

Because the law changes the way businesses have handled investments for decades, companies like , which develops new UV lamp systems for curing inks and coatings for everything from optical fiber to soup can lids, are having to grapple with a significant new cost that they had not anticipated previously. 鈥淎bsent congressional action, we鈥檙e gonna get hit hard,鈥 said Miltec UV President Bob Blandford. 鈥淥ur taxes are going to go up dramatically. That鈥檚 cash getting sucked out of the business. So that鈥檚 going to get pretty ugly.鈥

The manufacturing industry, which conducts 55% of private-sector R&D, would directly lose 59,392 jobs and face a decline in output of $31.69 billion. Prior to 2022, companies could immediately deduct R&D expenses in the year in which they are incurred, which promotes long-term job-creating investments in the United States. However, requiring companies to spread out these deductions over a period of years penalizes innovation by making R&D more costly.

鈥淎 failure to act will burden manufacturers large and small who use this tool to create well-paying jobs and support families and communities,鈥 said 17吃瓜在线 Managing Vice President of Tax and Domestic Economic Policy Chris Netram. 鈥淲e need Congress to act quickly to address this and other critical tax provisions in year-end legislation before we cede our competitive edge to foreign nations like China, which provides a super deduction in the amount of 200% of R&D expenses.鈥

-17吃瓜在线-

The 17吃瓜在线 is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.9 million men and women, contributes $2.77 trillion to the U.S. economy annually and accounts for 55% of private-sector research and development. The 17吃瓜在线 is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17吃瓜在线 or to follow us on Twitter and Facebook, please visit .

Press Releases

Manufacturers: Permitting Reform Essential to Manufacturing Growth and Competitiveness

Washington, D.C. 鈥 Following consideration today of a permitting amendment in the U.S. Senate, 17吃瓜在线 President and CEO Jay Timmons released the following statement:

鈥淩ed tape and permitting delays have plagued the manufacturing industry for decades, and the need for reform has only grown more urgent in recent years. Manufacturers have long called for Congress to repair the broken permitting process to minimize delays and reduce needless litigation that stands in the way of energy and resources projects and other investments. That will ensure we can get to work quickly on the investments that the bipartisan infrastructure law and the CHIPS and Science Act make possible. It will also ensure manufacturers have access to reliable and affordable energy while the grid evolves and as we work to improve air quality and reduce greenhouse gases.

鈥淯ltimately, permitting reform effects every part of the American supply chain鈥攆rom modernizing energy projects to building new manufacturing facilities. Today鈥檚 Senate vote, while unsuccessful, should serve as a step toward true bipartisan reform. Manufacturers appreciate the efforts of Sens. Joe Manchin and Shelley Moore Capito to push this priority forward, and we will continue to work with both chambers to achieve this goal.鈥

-17吃瓜在线-

The 17吃瓜在线 is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.9 million men and women, contributes $2.77 trillion to the U.S. economy annually and accounts for 55% of private-sector research and development. The 17吃瓜在线 is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17吃瓜在线 or to follow us on Twitter and Facebook, please visit www.nam.org.

Press Releases

Manufacturers: An Expanded IP Waiver Would Jeopardize American Innovation and the Ability to Combat Future Pandemics

Washington, D.C. 鈥 Following the announcement by the Office of the U.S. Trade Representative calling for a delay in a World Trade Organization decision on whether to expand a waiver of intellectual property, 17吃瓜在线 Vice President of International Economic Affairs Ken Monahan released the following statement:

鈥淎n expanded intellectual property waiver would jeopardize American innovations that are fundamental to fighting current and future pandemics and undermine U.S. technology leadership over our commercial rivals, such as China. Manufacturers welcome USTR鈥檚 announcement supporting a delay in the decision on whether or not to expand the WTO鈥檚 waiver on COVID-19 products and domestic supply chains and urge all WTO members to fully consider the consequences of such an expanded waiver.

鈥淓fforts could be better spent focusing on other effective international approaches to deal with ongoing and potential global health crises.鈥

-17吃瓜在线-

The 17吃瓜在线 is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.9 million men and women, contributes $2.77 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The 17吃瓜在线 is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17吃瓜在线 or to follow us on Twitter and Facebook, please visit www.nam.org.

Press Releases

Manufacturers: President Biden and Congress Have Averted a Holiday Crisis

Washington, D.C. 鈥 17吃瓜在线 President and CEO Jay Timmons released the following statement after President Biden signed H.J. Res. 100 into law, concluding the collective bargaining process between Class I railroads and all labor unions representing the freight rail workforce and eliminating the threat of a disastrous rail strike.

鈥淭hanks to swift action from President Biden and his administration, and bipartisan cooperation in Congress, a holiday supply chain disaster has been averted.

鈥淓arlier this year, manufacturers called for and supported the creation of the Presidential Emergency Board to rectify the stalemate between the unions and railways. But when it became clear they wouldn鈥檛 reach a negotiated resolution, we called on Congress to act, as a freight rail shutdown would have been devastating to the manufacturing industry, the U.S. economy and all American families.

鈥淲e thank President Biden, Secretaries Walsh and Buttigieg as well as manufacturing allies in Congress for listening to our industry and working quickly to avert this crisis.鈥

-17吃瓜在线-

The 17吃瓜在线 is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.9 million men and women, contributes $2.77 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The 17吃瓜在线 is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17吃瓜在线 or to follow us on Twitter and Facebook, please visit www.nam.org

Press Releases

Manufacturers Release New Economic Analysis Pushing Back on SEC Bond Rule Interpretation

17吃瓜在线 and Kentucky Association of Manufacturers File Rulemaking Petitions to Protect Private Companies from Harmful Public Disclosure Mandate

Washington, D.C. 鈥 The 17吃瓜在线 released a new on the damaging impact of the Securities and Exchange Commission鈥檚 attempt to force private companies to disclose financial information publicly.

The SEC鈥檚 new rule interpretation would apply to private companies that raise capital via corporate bond issuances under SEC Rule 144A. If the new interpretation takes effect as scheduled in January 2023, these businesses will face decreased liquidity and increased borrowing costs鈥攍eading to significant job losses and a decline in U.S. GDP.

Key Findings:

These impacts will be felt across the economy, resulting in 30,000 jobs lost each year over the first five years the new interpretation is in effect. The job losses will increase over time鈥攔ising to 50,000 jobs lost each year after five years and 100,000 jobs lost each year after 10 years.

These job losses are attributable directly to the decreased liquidity and increased borrowing costs associated with the SEC鈥檚 new interpretation.

17吃瓜在线 Speaks Out:

17吃瓜在线 Managing Vice President of Tax and Domestic Economic Policy Chris Netram released the following statement:

鈥淎t a time of rising interest rates and economic uncertainty, manufacturers cannot afford for the SEC to roil the bond markets arbitrarily. With tens of thousands of jobs at stake, the SEC must act by year鈥檚 end to reverse this misguided interpretation.鈥

17吃瓜在线 Action:

Today, the 17吃瓜在线 and the Kentucky Association of Manufacturers are filing two for with the SEC seeking to stop the harm this new rule interpretation would cause.

The 17吃瓜在线 and the KAM are calling on the SEC to reverse course by clarifying鈥攅ither by rule or by exemptive order鈥攖hat Rule 144A issuers are not required to make public financial disclosures. The 17吃瓜在线 and the KAM are also seeking emergency interim relief to prevent the new interpretation from taking effect in January.

Background:

  • SEC Rule 15c2-11 requires broker dealers to ensure that key information about issuers of over-the-counter equity securities is current and publicly available prior to quoting those issuers鈥 securities freely.
  • SEC Rule 144A allows for resales of securities (primarily corporate debt issuances) to qualified institutional buyers鈥攍arge financial institutions that own or manage more than $100 million in securities. Retail investors cannot purchase Rule 144A securities. Notably, under Rule 144A, issuers are obligated to make their financial and operational information available to QIBs.
  • In September 2021 and December 2021, the SEC鈥檚 Division of Trading and Markets issued no-action letters applying Rule 15c2-11 to Rule 144A debt; the new requirements take effect in January 2023. This decision contradicted the historical application of Rule 15c2-11 to OTC equity securities and bypassed important rulemaking safeguards required by the Administrative Procedure Act.
  • The 17吃瓜在线 has weighed in with the and seeking to reverse this damaging interpretation.

-17吃瓜在线-

The 17吃瓜在线 is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.9 million men and women, contributes $2.77 trillion to the U.S. economy annually and accounts for 58% of private-sector research and development. The 17吃瓜在线 is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17吃瓜在线 or to follow us on Twitter and Facebook, please visit www.nam.org.

Press Releases

Manufacturers Call for Passage of the Respect for Marriage Act

Bill will protect current and future interracial and same-gender marriages while providing appropriate religious protections

Washington, D.C. 鈥 Today, the 17吃瓜在线 released the following statement calling for passage of the Respect for Marriage Act:

鈥淢anufacturers know that individuals truly thrive in their careers when they can bring their authentic selves to work and feel confident that their families will be safe from discrimination or worse in the places they have chosen to live. The Respect for Marriage Act would ensure that the legal protections around which so many Americans, including manufacturing workers, have ordered their lives will not be suddenly rolled back. Codifying federal protections for interracial marriages and same-gender marriages with appropriate protections for religious liberty will help keep all families equal under the law and ensure that manufacturers can continue to hire and retain a diverse and talented workforce. It will deliver families and businesses the certainty they need and deserve.鈥

-17吃瓜在线-

The 17吃瓜在线 is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.9 million men and women, contributes $2.77 trillion to the U.S. economy annually and accounts for 58% of private-sector research and development. The 17吃瓜在线 is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17吃瓜在线 or to follow us on Twitter and Facebook, please visit

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